Problem: Let $A$ and $B$ be two points on the parabola $y = x^2,$ such that when the tangents at $A$ and $B$ drawn, they are perpendicular.  Then for any such pair of tangents, the $y$-coordinate of their point of intersection $P$ is always the same.  Find this $y$-coordinate.

[asy]
unitsize(1.5 cm);

real parab (real x) {
  return(x^2);
}

pair A, B, P;
real a, b;

a = 1;
b = (-1/4)/a;
A = (a,a^2);
B = (b,b^2);
P = extension(A, A + (1,2*a), B, B + (1,2*b));

draw(graph(parab,-1.5,1.5));
draw(interp(A,P,-0.8)--interp(A,P,1.2));
draw(interp(B,P,-1)--interp(B,P,1.5));
draw(rightanglemark(A,P,B,5));

label("$P$", P, S);

dot("$A$", A, SE);
dot("$B$", B, S);
[/asy]
Explanation: Let $A = (a,a^2).$  Then the equation of the tangent at $A$ is of the form
\[y - a^2 = m(x - a).\]Setting $y = x^2,$ we get $x^2 - a^2 = m(x - a),$ or $x^2 - mx + ma - a^2 = 0.$  Since we have a tangent, this quadratic will have a double root of $x = a$; in other words, this quadratic is identical to $x^2 - 2ax + a^2 = 0.$  Hence, $m = 2a.$

Therefore, the equation of the tangent at $A$ is
\[y - a^2 = 2a(x - a).\]Similarly, the equation of the tangent at $B$ is
\[y - b^2 = 2b(x - b).\]To find the point of intersection $P,$ we set the value of $y$ equal to each other.  This gives us
\[2a(x - a) + a^2 = 2b(x - b) + b^2.\]Then $2ax - a^2 = 2bx - b^2,$ so
\[(2a - 2b)x = a^2 - b^2 = (a - b)(a + b).\]Since $a \neq b,$ we can divide both sides by $2a - 2b,$ to get
\[x = \frac{a + b}{2}.\]Then
\begin{align*}
y &= 2a(x - a) + a^2 \\
&= 2a \left( \frac{a + b}{2} - a \right) + a^2 \\
&= a^2 + ab - 2a^2 + a^2 \\
&= ab.
\end{align*}Note that the two tangents are perpendicular, so the product of their slopes is $-1.$  This gives us $(2a)(2b) = -1.$  Hence, the $y$-coordinate of $P$ is always $ab = \boxed{-\frac{1}{4}}.$  This means that the intersection point $P$ always lies on the directrix $y = -\frac{1}{4}.$